Updated: Jul 22, 2020
It is a well-known fact that we are now living in an age of self-expression where consumers aren’t shy of expressing their views, likes, dislikes, motivations, aspirations etc,. openly and publicly. This explosion of personal information of every action and interaction is establishing millions of expressions of intent in the digital world. And as these consumers get sophisticated and tech-savvy, they are demanding real-time information and have high expectations from the brands they interact with. Enterprises that are able to understand this complex data, its inter linkages and able to mine it are providing their customers with highly personalised experiences, which in turn is leading to engaged, loyal and happy customers. For a marketer, this is a dream come true as it helps them sharpen their offering, get a better ROI on marketing spends and thereby achieve business goals. Personalisation in this digital age is no longer an option, it is a core go-to strategy.
Info-graphic credit: Evergage
A newly released, annual study from Evergage shows that delivering better customer experiences is the primary driver for personalisation – cited by 9 out of 10 marketers (88%) as the main impetus for their programs. Other key motivators for personalisation include increasing customer loyalty (59%), generating measurable lift/ROI (50%) and driving more leads (44%). 4 in 10 marketers (40%) employ machine-learning personalisation, using algorithms and predictive analytics to dynamically present recommendations and experiences tailored to individual audience members. However obstacles to achieving true 1-to-1 personalisation include lack of data and insights (56%), automating to scale, and assembling a real-time view of the customer. Enter maya.ai
maya.ai is world’s first and only AI led personalisation lifestyle assistant. It is Singapore based Crayon Data’s flagship product and is embedded with state-of-the-art patented technology honed over 8 years. maya.ai delivers personal recommendations in real-time that translate into measurable value for enterprises. Through TasteGraph - a living, breathing map of the world’s tastes, maya.ai acquires essential data on various lifestyle categories, to create a graph-based entity-affinity model. This model is then mapped to customer behavior data, to reveal a universe of choices and recommendations. TasteGraph has over 6.5 Mn merchants across the world analysed and mapped including 2.4Mn+ hotels, 650k+ attractions, 4.4Mn+ restaurants and 92k+ other merchants. TasteMatch then complements customers’ tastes with the right merchants and Choice AI combines multiple recommender systems to deliver the top affinities in any category to every customer.
Over the years the magic of maya.ai has delivered tangible results including generating 130Bn USD in total portfolio spends, analysing 2.9Bn transactions, on boarding 100Mn customers, developing 125Mn+ customer TastePrints, generating 324Mn USD in total incremental spends and delivering 9Mn+ personal storefronts. maya.ai delivers 4x response rates over traditional analytics, 100% increase in offer portfolio penetration, 3-7% increase in total portfolio spends, 5-10% increase in email open rates amongst many other benefits, helping enterprises create sustainable business impact in a highly competitive digital environment. It has emerged as the personalisation assistant of choice to leading Banks across Singapore, India, Indonesia, Myanmar, UAE, UK and USA. Crayon Data recently announced a partnership with Stefanini for the Latin American market and next month will embark on a roadshow to Australia and New Zealand.
What started as an interesting conversation about 'people having too much to choose from and that it sometimes makes it hard to make a choice' between three pre-Crayon entrepreneurs at an airport eight years ago has come a long way today as Crayon Data has emerged as a partner of choice for enterprises across the world wanting to offer personalisation to their customers. Crayon Data is led by Suresh Shankar its Co-Founder and CEO, who was also my super boss at the global advertising firm J Walter Thompson (now Wunderman Thompson) where I joined as a Management Trainee in 1995 and he was the then Client Services Director. I’m glad to have circled back with him, this time as an investor in his second startup Crayon Data which counts as one of my earliest tech investments. The company is backed by marquee institutional investors including Jungle Ventures, Spring Seeds Capital, Mistui & Co., amongst others and has individual investors of the stature of Ratan Tata and Kris Gopalakrishnan backing it.
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